How to Avoid Wells Fargo Savings Account Fees

What fees Wells Fargo charges on savings accounts and how to sidestep them

Wells Fargo charges a monthly maintenance fee on most savings accounts unless you meet one of their conditions: keep a minimum balance, set up direct deposit, or maintain an active Wells Fargo checking account. The fee is currently $5 per month, though Wells Fargo can change this amount. The easiest way to avoid it is to link your savings account to a Wells Fargo checking account you already use—the fee waives automatically. If you do not have a checking account with them, you can avoid the fee by keeping your account balance at or above the minimum (which varies by account type, typically $300 to $500) or by receiving direct deposits into the savings account.

The specific conditions change by account type. Wells Fargo offers several savings products: the basic Savings Account, the Growth Savings Account, and the Way2Save Savings Account. Each has different fee structures and different ways to waive the monthly charge. Before you open an account or if you already have one, check which product you hold and which waiver option fits your situation best.

Key Takeaways

• Wells Fargo charges a $5 monthly maintenance fee on most savings accounts, but you can waive it by linking the account to an active Wells Fargo checking account.
• If you do not have a Wells Fargo checking account, you can waive the fee by maintaining a minimum balance (typically $300 to $500, depending on account type) or by receiving direct deposits.
• The Way2Save Savings Account has the lowest minimum balance requirement and is designed for people who want to build savings gradually without high fees.
• Overdraft fees and ATM fees are separate from the monthly maintenance fee and require different steps to avoid.
• If you are already paying the monthly fee, you can contact Wells Fargo to request a waiver or switch to a different account type that better matches your situation.

Link your savings account to a Wells Fargo checking account

The simplest way to waive the monthly savings fee is to have an active Wells Fargo checking account. Once you do, the savings account maintenance fee drops to $0. You do not need to keep a specific balance in the checking account or receive deposits there—the checking account just needs to be open and in good standing. This works even if you rarely use the checking account.

If you already have a Wells Fargo checking account, log into your online banking or call 1-800-869-3557 to confirm the savings account is linked. If you do not have a checking account yet, you can open one at the same time you open savings, or add one later. Wells Fargo checking accounts also have monthly fees (typically $10 to $15), but those can be waived through similar methods: direct deposit, minimum balance, or linked savings account. Many people find it worthwhile to keep both accounts open if they use Wells Fargo for most of their banking.

Maintain the minimum balance for your account type

Each Wells Fargo savings account type has a minimum balance threshold. If your balance stays at or above that amount, the monthly maintenance fee is waived. For the basic Savings Account, the minimum is typically $300. For the Growth Savings Account, it is usually $500. The Way2Save Savings Account has the lowest threshold, often $25 or less, making it the best choice if you cannot maintain a higher balance.

The balance is calculated on a daily basis, meaning you need to stay above the minimum every single day of the month. If your balance dips below the threshold even once, you may be charged the fee for that month. If you are close to the minimum and worried about falling short, set up a small automatic transfer from checking to savings on the same day you receive income. This keeps your balance stable and protects you from accidental dips.

Set up direct deposit into your savings account

Wells Fargo waives the monthly maintenance fee if you receive at least one direct deposit per month into the savings account. Direct deposit means your employer, Social Security, pension, or other income source transfers money electronically into the account on a regular schedule. You do not need to keep a minimum balance or have a checking account—the direct deposit alone covers the fee.

To set this up, ask your employer's payroll department or your benefits administrator for Wells Fargo's routing number and your account number. You can find both in your Wells Fargo online banking portal or by calling 1-800-869-3557. Once direct deposit is active, the fee waiver takes effect immediately. If you receive Social Security, a pension, or unemployment benefits, you can also arrange direct deposit through those programs into your Wells Fargo savings account.

Switch to the Way2Save Savings Account if you have a low balance

The Way2Save Savings Account is Wells Fargo's account designed for people who are building savings gradually. It has the lowest minimum balance requirement (often $25 or less) and still charges the $5 monthly fee if you do not meet one of the waiver conditions. However, because the minimum is so low, it is easier to stay above it than with other account types. The trade-off is that the interest rate is typically lower than other savings accounts.

If you currently have a different Wells Fargo savings account and struggle to maintain the higher minimum balance, switching to Way2Save can solve the problem. You can request the switch through online banking, at a branch, or by calling 1-800-869-3557. Your existing balance transfers to the new account, and you keep the same account number. The change takes effect immediately.

Avoid overdraft and ATM fees on top of the monthly charge

The monthly maintenance fee is separate from other charges that can hit your savings account. If you overdraw your savings account (spend more than you have), Wells Fargo charges an overdraft fee, typically $35 per occurrence. If you use an ATM outside the Wells Fargo network, you pay an out-of-network ATM fee, usually $2.50 to $3. These fees stack on top of the monthly maintenance fee, so avoiding them matters.

To avoid overdraft fees, do not link your savings account to overdraft protection on your checking account—this lets the bank pull from savings if checking runs short, and each pull counts as a transaction that can trigger fees. Instead, keep your savings separate and only withdraw what you need. To avoid ATM fees, use Wells Fargo's ATM network (over 13,000 ATMs nationwide) or withdraw cash at the branch. If you travel frequently or live far from a branch, consider a bank with a larger ATM network or one that reimburses out-of-network fees.

Request a fee waiver if you have already been charged

If you have already paid the monthly maintenance fee and believe you should not have, you can contact Wells Fargo and request a one-time waiver. Call 1-800-869-3557 or visit a local branch with your account statement. Explain your situation: you did not know about the fee, you met the waiver conditions but the system did not process it correctly, or you are a long-time customer. Wells Fargo sometimes reverses one or two months of fees as a courtesy, especially if you have been a customer for years.

This is not a may provide, and the outcome depends on the representative you speak with and your account history. If you are denied, ask what specific condition you need to meet going forward to avoid future fees. If you have been charged repeatedly and cannot meet any of the waiver conditions, it may be time to switch to a different bank or a different Wells Fargo account type.

Frequently Asked Questions

Do I have to keep a checking account open just to waive the savings fee?

No. You can waive the fee by maintaining the minimum balance or setting up direct deposit instead. The checking account is just one option. However, if you already use Wells Fargo for checking, linking the accounts is the easiest path because you do not have to monitor a balance or arrange deposits.

What happens if my balance drops below the minimum for one day?

You will likely be charged the monthly fee for that month. Wells Fargo calculates the minimum balance on a daily basis, so even a single day below the threshold can trigger the charge. If this happens repeatedly, set up an automatic transfer to keep your balance stable.

Can I waive the fee with a direct deposit that is smaller than my monthly expenses?

Yes. The fee waiver requires at least one direct deposit per month, but the amount does not matter. Even a $1 direct deposit counts. If you receive any regular electronic income—Social Security, a pension, unemployment, or a paycheck—you can use it to waive the fee.

If I switch to Way2Save, will my interest rate change?

Yes, Way2Save typically offers a lower interest rate than other Wells Fargo savings accounts. However, if the lower rate is offset by avoiding the monthly fee, the net result may still be better. Compare the rates on Wells Fargo's website before you switch.

Can I have multiple savings accounts with Wells Fargo and waive fees on all of them?

No. The fee waiver typically applies to one linked savings account per checking account. If you open a second savings account, you will need to meet the waiver conditions separately for that account (minimum balance, direct deposit, or a second checking account). Check with Wells Fargo about their specific policy if you plan to hold multiple savings accounts.